Barclays Issues Pessimistic Forecast for Shoals Technologies Group (NASDAQ:SHLS) Stock Price

Shoals Technologies Group (NASDAQ:SHLS) had its price target lowered by equities researchers at Barclays from $5.00 to $4.00 in a report released on Friday,Benzinga reports. The firm currently has an “equal weight” rating on the stock. Barclays‘s price objective indicates a potential downside of 13.61% from the company’s previous close.

Other research analysts have also recently issued reports about the company. Piper Sandler dropped their target price on Shoals Technologies Group from $10.00 to $8.00 and set an “overweight” rating on the stock in a research report on Friday, November 22nd. JPMorgan Chase & Co. cut their target price on shares of Shoals Technologies Group from $14.00 to $12.00 and set an “overweight” rating for the company in a research report on Thursday, October 17th. The Goldman Sachs Group decreased their price target on shares of Shoals Technologies Group from $10.00 to $9.00 and set a “buy” rating on the stock in a research report on Tuesday, December 17th. Truist Financial cut their price objective on shares of Shoals Technologies Group from $8.00 to $7.00 and set a “buy” rating for the company in a research report on Thursday. Finally, Guggenheim lowered their target price on Shoals Technologies Group from $8.00 to $7.00 and set a “buy” rating on the stock in a research report on Thursday, November 21st. Three equities research analysts have rated the stock with a sell rating, six have given a hold rating and fourteen have issued a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $10.55.

Shoals Technologies Group Stock Down 0.9 %

SHLS opened at $4.63 on Friday. The stock has a market capitalization of $771.82 million, a price-to-earnings ratio of 23.15, a PEG ratio of 0.67 and a beta of 1.64. The firm has a 50 day moving average price of $5.10 and a 200-day moving average price of $5.53. Shoals Technologies Group has a twelve month low of $4.07 and a twelve month high of $17.50. The company has a quick ratio of 1.36, a current ratio of 2.08 and a debt-to-equity ratio of 0.26.

Shoals Technologies Group (NASDAQ:SHLS) last posted its earnings results on Tuesday, November 12th. The company reported $0.08 EPS for the quarter, missing analysts’ consensus estimates of $0.10 by ($0.02). The company had revenue of $102.20 million during the quarter, compared to the consensus estimate of $98.86 million. Shoals Technologies Group had a return on equity of 9.83% and a net margin of 7.78%. The company’s revenue for the quarter was down 23.8% on a year-over-year basis. During the same period last year, the firm posted $0.16 EPS. Equities research analysts forecast that Shoals Technologies Group will post 0.29 earnings per share for the current year.

Insiders Place Their Bets

In other news, CEO Brandon Moss acquired 22,300 shares of the firm’s stock in a transaction dated Thursday, November 21st. The shares were acquired at an average cost of $4.55 per share, with a total value of $101,465.00. Following the acquisition, the chief executive officer now directly owns 593,700 shares of the company’s stock, valued at approximately $2,701,335. The trade was a 3.90 % increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Insiders have sold a total of 6,460 shares of company stock worth $30,271 in the last 90 days. 0.36% of the stock is currently owned by corporate insiders.

Institutional Trading of Shoals Technologies Group

A number of large investors have recently made changes to their positions in the business. Wellington Management Group LLP lifted its stake in shares of Shoals Technologies Group by 14.6% in the 3rd quarter. Wellington Management Group LLP now owns 13,107,404 shares of the company’s stock valued at $73,533,000 after purchasing an additional 1,666,691 shares during the last quarter. Point72 Asset Management L.P. raised its holdings in Shoals Technologies Group by 460.1% during the 3rd quarter. Point72 Asset Management L.P. now owns 6,844,222 shares of the company’s stock valued at $38,396,000 after buying an additional 5,622,207 shares during the period. Franklin Resources Inc. lifted its position in Shoals Technologies Group by 16.1% in the third quarter. Franklin Resources Inc. now owns 4,748,673 shares of the company’s stock worth $24,836,000 after buying an additional 658,617 shares during the last quarter. Erste Asset Management GmbH purchased a new position in Shoals Technologies Group during the third quarter worth $20,191,000. Finally, Millennium Management LLC increased its position in Shoals Technologies Group by 262.8% during the second quarter. Millennium Management LLC now owns 3,371,593 shares of the company’s stock valued at $21,039,000 after acquiring an additional 2,442,227 shares during the last quarter.

About Shoals Technologies Group

Shoals Technologies Group, Inc provides electrical balance of system (EBOS) solutions and components for solar, battery energy, and electric vehicle (EV) charging applications in the United States and internationally. The company designs, manufactures, and sells system solutions for both homerun and combine-as-you-go wiring architectures, as well as offers technical support services.